tv MONEY With Melissa Francis FOX Business June 11, 2014 2:00pm-3:01pm EDT
the way lower right now, consumer discretionary is trading lower on the day. you can see industrials as well trading lower. the s&p is down as well. it is about .4 of a percent. nasdaq is trading lower by 12 points. we're awaiting breaking news from the treasury any moment. joining me is peter barnes who has that breaking news. peter. >> hey, melissa. the budget deficit, the federal budget deficit shrinking slightly in may. the treasury department reported a deficit in may of $130 billion. that compares to deficit of 139 billion in may last year. of first six months, starting october 1st, the deficit fell from 626 billion in the same period in fiscal 2013. that is reduction of $190 billion, driven mainly by higher individual income and payroll tax revenues with improving economy, more jobs. more people paying into the system combined with flat
federal spending. melissa. melissa: obviously the other huge story, house majority leader eric cantor. what is the buzz? >> he is going to announce at a meeting of house republicans at 4:00 he will step down at the end of july, july 31st. this appears to be, according to aides, gop aides, an effort to try to provide some continuity in this transition after cantor lost his primary bid yesterday, last night. and, the, jockeying is going on now on who might succeed him. it is kind of a frenzy up there. the house gop leadership aide telling our colleague chad pergram, quote, we need to have direction. this is the house of representatives up here. it just can't be lord of the flies. melissa. melissa: wow. thanks, peter. more on the store with the panel. you heard them in the background. joining meed in studio charlie
gasparino and fox contributor steve moore of heritage foundation. first of all i want to talk about the new guy a little bit, david brat. i don't know if you heard these comments out of him. one thing, very negative on wall street. very negative on the folks that might be watching this show. all investment banks in new york and d.c., those guys should have gone to jail instead of going into jail they went to eric's rolodex and sending him big checks. >> this was a primal scream by voters against washington and wall street. and, obviously, conservatives are extremely angry about what is happened in congress. but the wall street aspect of this is really interesting. people feel like these guys got away, robbed the bank and never paid for it. melissa: you believe that. >> yes. look at this way, i've been saying this all morning, the left, democrats have occupy wall street as their populace base. there is a huge populace base running the republican party and it is tea party. they are dead-set against
wall street. those are some of the numbers. this is just this election cycle. look at that, $66,000, not a lot of money for blackstone. in this election cycle to one house candidate, that is huge. and you know, go down the line. lloyd blankfein is very close with air eric cantor, steve schwarzman is very close. this is anti-wall street resole going on inside of the party. >> that is great point. a lot is interpreted as anti-ii am any breaks statement by voters. i think that is wrong -- anti-immigration. 72% of the voters in cantor's district support immigration reform. there is more than anti-immigration reform. a lot is populism. the republican party has has not -- >> this is not strange. this is completely normal. if you come out of a financial crisis guys like lloyd blankfein began to cut themselves huge
checks months after getting bailed out, people are just going, from common sense they will revolt against that. >> one thing about immigration -- melissa: people in virginia still focus the on this do you believe it riled them up? >> gop base snoop with all respect, immigration is really big factor in this race. it happened, i talked to eric cantor's pollster a week 1/2 ago, they had him up 15, to 20 points. he lost by 10. maybe it was bad polling. something happened in the last 10 days. i'm as pro-immigration. i want -- >> immigration in virginia, northern virginia? >> think about what happened. you reported this over and over on fox news and fox business news, people at border. it festered in this idea that -- melissa: you think those pictures coming in the last few days is what swayed people in virginia? >> it was a big shift. >> even the immigration issue is about money. brat argued if you give amnesty to these 10 of millions of illegal immigrants it will add
people to the labor force and probably drive down wages. so it comes back -- >> which is wrong by the way. melissa: why is that wrong? >> immigrants don't -- melissa: why is that wrong? >> studies are pretty clear. >> that is it overall. but look what we have. we have a wage problem at the bottom of the scale. >> except, charlie that immigration bill actually tilts the system more towards high-skilled immigrants. >> i'm not saying anything is wrong. >> there is perception. >> but consistent "wall street journal" line that immigration is so positive, that you can't even argue the economics is wrong. >> i'm not say -- we agree with you at heritage. >> at the bottom, i don't care what you are, what party you're in, but for, if you increase the supply of something, they're going to devalue -- melissa: grow the economy, that that is other side of the economy. don't you grow the economy with more people in the company creating labor, stirring
economy. >> we need more people working at wall part? >> number but we need more people working in hotels, restaurants. >> do we? >> yeah, we do. we can't find people to do the jobs. >> walmart is big employer. somebody has to do the job. >> i don't think we need unskilled labor in this economy right now much. >> you know you were talking about the wall street connection. eric cantor was one of the few jewish republicans and, he had a connection with a lot of bankers in new york. that will be missed by republicans. the jewish vote is important constituency, republicans tried to win back. melissa: no doubt we'll have this debate. this one just kicked off here. in the meantime i want to you check out this video. thousands of taxi drivers across europe. they're protesting today over the mobile app uber. they're calling escargot treatment. bringing everything to a snail's pace. quite a change for europe. but it is interesting because what does it make you feel
about, when you see this kind of a revolt. they think uber is real disruptor. it is disrupting the way that people are doing business all across europe. is that good or bass? >> this reminds my about the horse and buggy whip drivers protesting cars a little bit. no question that regulation pose as major risk for uber and other car sharing services. if people flock to the services the industry will have to deal with it. more tell than the protest, two weeks ago one of top regulators in new york city tax commission joined uber as an employee. that is the more telling stat. melissa: looking outside of their car protesting which think to themselves, maybe i can make more money for working for them than by standing here and protesting. >> this isn't just happening in europe. i live in virginia. the department of motor vehicles in virginia is trying to shut down uber there as well. this is disruptive technology. >> taxi industry is heavily
subsidized. >> of course. it is terrible. >> here is the thing about technology. it disrupts everything. >> exactly. >> disrupted journalism. >> rental cars. hotels. melissa: no turning back? the company has $18 billion valuation or roughly something like that. when you see protests everywhere, is the headwind prices into all this that is happening? >> who is protesting? cab drivers. not average people. >> people want uber. people want uber. >> there is a lot of froth in the higher end venture capital market but there is a lot of optimism built into the $18 billion valuation. this protests will maybe slow down the growth than stop it. >> i haven't spoken to a single person that hates uber. melissa: only drivers. one more thing before we go. radioshack under attack as one wall street analyst, heard about this, cuts his price target to zero. zero. this is reilly and company scott tilghman is how believe how you
say his name. cuts price of radioshack to zero because odds of bankruptcy bankruptcy is bet over 50%. i don't think i have either. >> you know, here is what, this may be a zero price stock but his analysis down make any sense. if it is only 51% chance, has some value. >> there is liquidation play. melissa: possibly he was trying to make a point. >> maybe trying to get to us talk about him. melissa: maybe. >> never, who shops at radioshack anymore? >> i don't know anyone that shops there but if he is willing to sell the stock at zero i'm willing to buy it. melissa: using facial recognition and technology to find your perfect significant other based on what your ex looks like. they go in, if you like marky-mark and matt damon you like irish catholic looking boston guy and they find
everyone for you. >> suppose you want to get rid of your wife and hook up with pamela anderson? melissa: where are you going with this one? they won't find her for you. >> i can talk from personal experience. i was on match.com, i hope my ex-wife is not watching is find someone who looks like her. i'm teasing. melissa: oh, my goodness. >> i can't talk. >> i can. melissa: anyone want to follow that? >> isn't that the logic? melissa: the logic, that there are certain type of person that you like and they're going through and find someone you're attracted to because your ex-s are people you're attracted to. >> more of that disruptive technology. >> tinder is the new hot app. melissa: you guys are wow. thank you, i think. paula dean cooking up country fried redemption. y'all get ready and buttering up her audience and heading for the web. slap in the space for elon musk. it is three, two, one, liftoff
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melissa: okay. i want to show you the markets right now because we're seeing a big selloff on the dow. down 117 points. some people out there attributing what is going on in eric cantor and what is happening in washington. a lot of people in washington pointing to the world bank which sharply cut its outlook for global growth next year. 2.8% for rest of 2014 which really sounds ambitious down from 3.2%. they held 2015 at 3.4% but you got to think a downgrade there is next. a lot of folks on wall street reacting news out of washington and news from the world bank. we have breaking news, a senior house leadership election, being reported by fox news. we're saying it could happen as early as next week. i'm sorry, if you roll back a little by the next week. that is the election for senior house leadership, after what happened with eric cantor last night. okay, we can move on now.
elon musk's blood view with space ex-foes boeing and lockheed martin is blasting off. with nearly a billion dollars on the line neither side is pulling a lot of punches. this is getting very personal with messy lawsuits and twitter fights and a whole lot of smack talk. charlie gasparino and expenseter anti, speaking of back talk are back with us and capitalist pig's jonathan hoenig is back with us, fox news contributor. they rolled out scorecard how many more successful launches that than space ex. they had a fiscal picture. they're getting mad. what do you think of this one? >> first time in long time they have competition, wonderful to hear rather than from musk or anyone else. we need competition from military launches, space launches or personal launches like innovators like richard branson gone after. more than who is launching missions for the government we
need deregulation. nasa had the monopoly for too long. hats off to musk for making moves. melissa: at end of the day it is always about money. nasa is preparing to award 800 million in contracts this summer. that is why everybody is up in arms. what do you guys think about this, spencer. >> talked about disruption. elon musk is the biggest disruptor of the global economist disrupted payments with paypal and doing it with cars with tesla and now doing it with space industry with spacex. taking on powerful forces. defense contracting industry is huge and powerful and engrained in washington. he makes a good point. why was the contract not open to competition? i don't think there was any urgent need he ruffled a lot of feathers. defense lobbyists telling "politico" that musk didn't navigate the process and made a lot of enemies. >> great. >> until he starts paying off lobbyists -- melissa: and they're all his
buddies. >> my guess this guy is businessman first. i like competitive aspect, to think he is some sort of revolutionary not be part of the process because he will. he will have to be part of the process. the process is messy. lobbyists, spending money. >> only because of government. charlie, don't make that indicative what businessmen do. that is because of government, not because of his -- >> no offense. big business loves lobbyists. melissa: google getting love from above. agreeing to purchase skybox imaging which could have huge i am my place for the -- implication for the driverless car progress. >> you remember atlases, melissa. driving around looking for a gas station. melissa: i was a child. >> exactly. neither do i. that is primarily because of companies like google that have totally revolutionized directions and mapping in this country. $500 million is drop in the bucket for them. melissa: guys with driverless car though? there are more satellite, more
imaging, deal with the driverless car? will you have a driverless car. >> driverless car, see if i get might have hands around it. this robot drives you. melissa: yeah. >> you can't get your hands on it, that is the point. this is great deal for google. this not only get imaging technology which helps their map service which is why people use google but get option using satellites to connect internet access to far-flung parts of the world. which is another thing that can help the drive the business for the next two decades. melissa: thank you. wikipedia is most influential, you won't believe who is topping the list. speaking of elon musk, toyota may soon turn your hovercraft dreams into reality. do you ever have too much money or too many flying cars? no way. ♪ (mother vo) when i was pregnant
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comcast business built for business. melissa: oil-rich iraq is sending into ai don't see as iraqi security officials say al qaeda inspired militants seized the northern city of tikrit. this comes after mosul, iraq's second largest city fell after five days of fighting. energy traders are watching this one. fox business contributor phil flynn joins me from the cme. you guys must be watching all this action? >> we are. we're talking about 3.3 million barrels of oil a day that was exported out of iraq last month. it is in jeopardy. this is spreading right now from city to city to city right now. in fact we had a report that turkey, who is on the border with iraq and has had disputes over some of the oil that is coming out of kirkut, which is a city right outside of turkey with iraq asked nate to get
involved in the situation. very concerned the way things are developing on the ground. sunni militants are taking over different cities. there are concerns that this could spill over into turkey. the. now the president of iraq has vowed to come back in and take back the cities of mosul right now. seems like soldiers in iraq are running away. right now this is a very fluid situation. it is one that could blow up. one that could really impact oil over the next couple days. melissa: phil, thank you so much. we'll keep an eye on that one. coming soon to a driveway near you it is not exactly "chitty chitty bang bang". but toyota is considering building a actual hovercraft. we have a editor of hover car. i want a hover car. this is perfect for me. >> who doesn't want a hover car. melissa. are they really doing this. >> have you seen a hovercraft, that slide around exanything
airborne might be opportunity to ditch traffic. >> not with this. melissa: okay. >> toyota hasn't said how they will do. they want to lighten the car to reduce friction in the tires. make it more efficient. no idea how they plan to do it. i'm thinking aerodynamics, instead of louis using wings and spoilers to push it down on the highway. melissa: we had aerox. there is trend in this somewhere. >> something like aerox, a lot of energy to do that. wouldn't be worthwhile in a car. i hope they use tesla's technology, electrostatic charge, fighting gravity but i think it will be something a little bit different. melissa: you say tomato, i say tomato. using left over ketchup to make car parts. they are using leftover tomato parts for car parts. >> they're calling it tomato.
melissa: yes. >> already a lot of car companies using bio plastics, plant based plastics in the car. what they're using here waste product for making ketchup and skins and stems and seeds and turn that into plastic to get petroleum based plastic. melissa: they turn it into pellets, from there if i'm looking at car where are the pellets. >> fibers from the pellets use to make plastics and whatever is involved in chemical process. melissa: any plastic you see around the car. >> a lot of cars already have this. fabrics as well. you can't tell the difference. >> it is not red, what you're saying. >> it could be color red but might be a nice little smell. melissa: is it cheaper? >> probably not now. melissa: why do it? >> down the road, first of all you take petroleum out of the mix. get a little more stability to your raw materials. down the road once they get this built up, potentially could be a little bit cheaper. it is a green play. they want to look environmentally friendly. that is the main reason. melissa: other than tomato parts what would they use?
>> pretty much anything. just about any plant fiberrer to make plastic one way or another. they have proven that tomato plants could work. the skins could work. they have used things like castor oil, soybean oil. ford is already using in seat foam in number of its cars. cars could be edible pretty soon. melissa: i love tomatoes. i don't want to eat my car. i do love tomatoes. there is something in there. gary, all right. minimum wage on the menu. one restaurant in kentucky is nixing the tip jar in place of a higher salary. servers are loving it. leaving a sour taste in some of the diners mouths though. for anyone who is only made it to seconds at the all-you-can-eat buffet, the top tips to help you get the most bang for your buffet buck. save your room for this one. another helping of money coming up. ♪
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♪ >> lots of bread on the screen today. the dow breaking its winning streak. let's go to nicole petallides. we are wondering if the news is coming out of washington. nicole: we are hearing old. also, the fact that you had the world bank cutting the economic growth forecast. 2014 has started off a little bit weak. they had to cut that global forecast. i would lean towards that. also, the fact, melissa, as you well know, we have been hitting record after record. all-time record highs.
it is not unusual to see a little bit of a pullback. we are near session lows. i wanted to take a look at ulta. let's turn the arrow around. they have makeup and salons. they also do sales over the internet and the like. this really has been a stellar performer. also, up 14.5%. they have gotten several upgrades as well. looking good. of $12.05. 300. melissa: thank you so much. reports out that it has been hacked. long things of code have been treated out. thousands and thousands and thousands.
it is a twitter program that lets you use several accounts in one place and track a series of tweets in real time. it is known to be somewhat vulnerable to hacker attacks. they had to close the service temporarily. if you are seeing anything. happening on your screen, log in and log out. the stock of twitter is react into all of that. fodor hundred butter up. paula deen is going digital. a subscription -based interactive online experience. she was dropped off the planet. she was accused of making racist comments and not relate denying
it. she does have those people who adore her. love her cooking. they are back, apparently. >> is donald sterling going to play some kind of role in this? melissa: perhaps. i do not know if he can cook, though. she makes good food and they want to copy it. >> if you have celebrity status like that -- she has enough fans that she can make this. >> nobody controls the internet. there is no gatekeeper on the internet. melissa: it is subscription based. if you do not want to watch her and you object to her, do not subscribe. >> the consumer is the ultimate regulator. >> i am not going on her cruise.
i did hear it is sold out. i did buy her cookware and i love it. i do not care that her name is on it. it works well. controversial lulu lemon founder voting against the reelection of the board's chairman. the athletic reporter is set to report first-quarter earnings ahead of the bell. jonathan: maybe is back with us as well. he is there. okay. joining us on the phone. jonathan, first of all, what do you expect from earnings. >> i expect them to be rather weak. this is a former go-go, really old stock that really got shellacked. markets have a tendency to dissipate this country and news.
deirdre: melissa: sam, are you with us? please to have you with us. >> i am not expecting much. i think they will have a lot more investment. i think they have to really look carefully for direction going forward. i upgraded the stock recently. that was really because it hit my price target. melissa: i would ask both of you guys, do you think that chip wilson is a liability? he says the company is too focused on short-term results. this is the same guy that went out there and said certain women , some women should not be wearing lulu lemon complying that they were too fat to give him money for those pants. there is always some sort of controversy surrounding chip wilson.
what do you think about him? >> abercrombie and fitch. alienating those customers that are not as thin as others. whether his participation, i think ultimately it depends on the shareholders as well. he is a 24-25% shareholder of the company anymore. although he founded it, he does not own it anymore. melissa: at the same time, they have a big push. i saw advertising on twitter. it is a very girly brand. my husband got a gift certificate for lulu lemon and he said i thought they were girl close. they have no idea that man clothing is sold there.
>> combined with that, with them leaving and the comments by chip wilson, you know, back last november, it basically alienates customers with the brand. what is great is it was great product combined with great service and so on. the product, i think, they are fixing. the level of service changes how the customers think about the brand. the men's products look really good. the problem is, if you are going into a store and not getting the service, you will not pay those kind of prices. melissa: we will talk to the restaurant in kentucky that may have a fit for the minimum wage debate. stick around for more "money," but no tips. coming up. ♪ today we failrly busy. tomorrow we're booked solid.
melissa: we have breaking news right now. a press conference at 4:30 p.m. eastern time today. david -- that will be at 4:30 p.m. the wage race continues. one restaurant in kentucky is getting ahead of the trend. $2.13 an hour. that is when you are tipping someone. to $10. kissing goodbye their tips. what is the reaction? why did you do this? >> we just did it to protect the servers, actually. basically, you have heard the
horror stories when there is a $200 check and they leave $2. we are trying to cut that across the board. melissa: one that they be making more than, whatever that is, $8 in tips during the hour. it seems like they are losing money. >> no. during the time when it is not busy at all and nobody is coming in, they are still getting $10 an hour. basically, what it is, they either get $10 an hour or 20% of their food sales. whatever is higher. melissa: how often does that happen? >> usually, every shift. melissa: they are making more money. did you have to raise your prices in order to pay them
more? or are you just paying -- or are you just making less? i just want to clarify. >> i was a server before this. i know exactly what they are going through. spreading the wealth of the restaurant. the server getting only $2.13 an hour. i'll going to throw it back out to my panel here. what do you think about this?
>> if they sell more and made our money -- i gave up that one. >> it is not guaranteed. that is the problem. melissa: it is not supposed to be. >> one of the problems with believing that there is a pleasing coming with tipping, this is how we support. you give a 10% tip. i want to be there when you do it. melissa: now we are spreading the wealth out to other people. do you think this is really making more and where do you think that money is coming from? the customer? the owner?
>> i was supposed to pay taxes on that. stuart: that was a great point. they may not realize they are missing out. with the tips, you get that in cash. you are supposed to, but a lot of times, they do not pay taxes on that cash. >> you would not have done it. melissa: we have to go. >> jetblue finally getting down to business. although stocks for the refreshing new mint class. you can never have too much "money." we will be right back. ♪ you used to sleep like a champ - then boom...
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♪ melissa: jetblue taking on business class. a new line to its fleet. you can fly in style at pretty attractive prices. will a new class cause some turbulence for jetblue? basically, they've built their entire experience on this idea that everyone paid equal, all the fees are the same. now they are kind of blowing that. >> i think in the case of jetblue, to be competitive, they are looking at making more money. it is not on every plane. right now, if you look at the demand for it, people are paying it. some flights are completely sold out. there are a few with one or two seats left.
you can get 599 or 799 or 999 each way. did you get the leisure folks. 159 each way. they make some big bucks off of that. melissa: starting with the trades of all things. overhauling the entire economy mail service. shrinking everything. they shrunk everything. 52 pounds of weight per flight. i do not know. does this make sense to you? >> one check bag for a passenger. i think they also did it for speeding it up. making it more convenient. more presentable to the customer. if you look at the other, the first thing i do is looking at all the magazines on the plane.
u.s. airways remove all of the video equipment. melissa: a lot of money for 52 pounds. thank you very much. markets now, triple digits. it will be a big last hour of trading. liz claman joining me now. liz: we are watching the markets. we have seen moves to the upside. it is not a surprise that the markets were a little overstretched. we are also watching hewlett-packard. dow component. a widely held stock coming up. revealing it to the world. director of hp is going to unveil its next weapon. it has a very interesting name. it is called the machine.
killing it when it comes to research and development. we have the ceo of electronic monitoring. he is coming on. ea. the gaming that everyone is talking about. no more battlefields. all kinds of games. talking to fox business about that package software. are people buying it? stay tuned. we will see you at the top of the hour. melissa: the most influential people of all time. basically, we have a 70% chance. sorry, your princess is in another castle. nintendo's new plan to get us back into the game. at the end of the day, it is all about money. ♪ all stations come over to mission a for a final go.
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melissa: game on for nintendo. a new plan to get back in action after resale hurt their bottom line. robert gray at the electronics expo with nintendo of america president and ceo. take it away, robert. robert: thank you for joining us on fox business. >> thank you for having me. >> you guys are showing off a tremendous amount of new games. you have gone the deep reservoir of intellectual property. you have joined the movement with the figurines of mario. also sell the open world, been well received. how do you think this addresses the critics who say there aren't enough games worth buying the wii-u? >> it is about invention and innovation. we have the meebo figures which we think will be a huge driver for us.
and then the reinvention. new zelda, new smash brothers for wii-u and 3ds. it leverages the great equity in the franchises that takes it to a new level. >> people who know and love nintendo four years. how are you countering the casual gaming revolution. people who would normally by nintendo taken away. how are you addressing that? >> we bring to bear games that are easy to pick up and play. we have "mario maker." we have a new yoshi game, a new kirby game. so for us as long as the content is strong, we believe we can drive people into our products and drive the hardware. robert: there has been concerns
of where the next hardware roadmap will be. anything today? >> we have nothing to disclose today. in terms of the future, it is a few years off. robert: thank you for joining us on fox business. back to you in the studio. melissa: thank you. a new study has determined the most influential people in history. somehow charlie gasparino did not make the list. researchers are using algorithm to analyze wikipedia traffic and these are the kinds of history they come up with. napoleon, president obama and carlin has. do you know who he was? >> he was actually number two on my list. melissa: you probably knew him as carl violin. >> i am joking. i think this researcher had a good idea but the algorithm is a little flawed. melissa: he had napoleon ahead
of barack obama. nobody had heard of this guy. thank you so much, spencer. that is all we have for now. i hope you're making money. "countdown" starts right now it liz: a friend of the street, eric cantor, loses his primary in a stunning setback for the republican establishment. courtesy of a little-known economic professor who says he is anti-big his best. what the impact on wall street and investors on main street? videogame powerhouse electronic arts ready for battle unveiling a new lineup with "battlefield: hardline." you will see a lot and hear a lot about emotional intelligence and authentic player visuals. we will talk about what those are, the console wars and the